Marsden profit hit by property revaluation

Marsden profit hit by property revaluation
Staff reporters
Marsden Maritime Holdings reported a 31 percent drop in full-year net profit after the value of its investment properties fell by almost $3 million.The firm, which owns half of Northport and marinas and development land around the port at Marsden Point, said the revaluation was due to uncertainties created by the covid-19 pandemic. The non-cash adjustment represented less than 4 percent of the property portfolio.The firm’s pre-tax trading surplus, before gains and losses on property and other fair value movements, rose 4.6 percent to $6.7...